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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1551 Bishop St San Luis Obispo, CA 93401-4635

    • Medical offices
    • 34,777 SF
    • 3.89 lot acres
    OFF-MARKET
    Value Estimations
    $11,165,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-2431332
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Gilman W Carr Inc / Dental Office
    • Ackerman Laurence DDS / Dental Office
    • Clark & Lapidus / Dental Office
    • Giray Erol F MD / Physician
    • john's home Noyes Rd. and Prinz Rd. / Restaurant

    Property Details for 1551 Bishop St

    Year built
    1987
    Construction
    WOOD
    Lot size
    3.89 lot acres
    Property size
    34,777 SF
    Zone code
    O
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    003-703-059
    APU
    3703059

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,834,000
      Market price range: $6.26M - $19.3M
      AI Estimate
      $7,494,000
      Market price range: $3.42M - $11.0M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $14,835,000
      Current use
      COMMERCIAL (GENERAL)
      $18,300,000
      Change: +23% Conversion: Easy
      RESTAURANT
      $17,485,000
      Change: +18% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $15,895,000
      Change: +7% Conversion: Difficult
      OFFICE BUILDING
      $15,775,000
      Change: +6% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Luis Obispo
    County
    San Luis Obispo
    State
    California
    Longitude
    -120.645
    Latitude
    35.2739
    CBSA code
    42020
    CBSA name
    SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,625,000
      6,240 SF

      1720 Bishop St

      MEDICAL BUILDING • 6,240 SF
      1720 Bishop St, San Luis Obispo, CA 93401-4691
      View Details
    • Value Estimation
      $10,715,000
      25,500 SF

      1235 Osos St

      MEDICAL BUILDING • 25,500 SF
      1235 Osos St, San Luis Obispo, CA 93401-3619
      View Details
    • Value Estimation
      $7,470,000
      17,742 SF

      1823 Johnson Ave

      MEDICAL BUILDING • 17,742 SF
      1823 Johnson Ave, San Luis Obispo, CA 93401
      View Details
    • Value Estimation
      $995,000
      3,018 SF

      1551 Bishop St Ste, Unit 235

      MEDICAL BUILDING • 3,018 SF
      1551 Bishop St Ste, San Luis Obispo, CA 93401-4658
      View Details
    • Value Estimation
      $945,000
      3,861 SF

      1338 Santa Rosa St

      MEDICAL BUILDING • 3,861 SF
      1338 Santa Rosa St, San Luis Obispo, CA 93401-3780
      View Details
    • Value Estimation
      $900,000
      3,466 SF

      705 Grand Ave

      MEDICAL BUILDING • 3,466 SF
      705 Grand Ave, San Luis Obispo, CA 93401-2639
      View Details

    Similar Nearby for Sale

    • $2,830,000

      Medical Office Space Available

      Prime medical office space with high visibility in San Luis Obispo.
      689 Tank Farm Rd, San Luis Obispo, CA 93401
      View Details
    • $2,175,000

      Santa Rosa Professional Building For Sale

      Two-unit medical/general office building constructed in 1962.
      1338 Santa Rosa St, San Luis Obispo, CA 93401
      View Details
    • $295,000
      594 SF

      Prime San Luis Obispo Office Condo

      Updated 594 SF Office, Great Location
      3591 Sacramento Dr, San Luis Obispo, CA 93401
      View Details
    • $1,030,000
      1,294 SF

      Office Building For Sale

      Office building in San Luis Obispo available for purchase.
      1410 Marsh St, San Luis Obispo, CA 93401
      View Details
    • $289,000
      594 SF

      San Luis Obispo Office Space

      Office suite with three offices and common restrooms for sale.
      3591 Sacramento Dr, San Luis Obispo, CA 93401
      View Details
    • $1,030,000
      1,294 SF

      Downtown SLO Office Building

      Craftsman Office, 100% Occupied
      1410 Marsh St, San Luis Obispo, CA 93401
      View Details

    Similar Nearby for Lease

    • $0.93 SF/Yr
      7,197 SF

      Class A Office Space Available

      Ground floor office suite with upgraded finishes and private patios.
      895 Aerovista Pl, San Luis Obispo, CA 93401
      View Details
    • $1.05 SF/Yr
      1,633 SF

      Medical Office Space Available

      First floor medical office space with examination rooms for rent.
      1288 Morro St, San Luis Obispo, CA 93401
      View Details
    • $1.05 SF/Yr
      25 SF

      Downtown San Luis Obispo Office Space

      First floor office suite suitable for medical or professional use.
      990 Pacific St, San Luis Obispo, CA 93401
      View Details
    • $2 SF/Yr
      1,010 SF

      Renovated Medical/Dental Office Space

      Recently renovated medical/dental office space available for immediate occupancy.
      1223 Higuera St, San Luis Obispo, CA 93401
      View Details
    • $2,250 /Mo
      930 SF

      Remodeled Office Suite For Rent

      Remodeled office suite with mountain views in Fremont Medical Center.
      1250 Peach St, San Luis Obispo, CA 93401
      View Details
    • Contact for pricing

      Medical Suite Near Highway 101

      Medical suite available for rent near Highway 101.
      620 California G, San Luis Obispo, CA 93401
      View Details
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    1551 Bishop St
    San Luis Obispo, CA 93401-4635
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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